Addressing of Council, Board and Trade Union of Jo

Liepaja, 2013-10-21 07:47 CEST (GLOBE NEWSWIRE) -- As the last chance for restarting the activities and renewal of production at the JSC Liepajas Metalurgs the Council, the Board and the Trade Union of the company visualises capitalisation of the credit claims of the Ministry of Finances of the Latvian Republic, JSC Citadele Bank and JSC Latvenergo, that would enable the State to regain the invested resources within a longer period of time instead of actually losing them, which would be the scenario in case of insolvency of JSC Liepajas Metalurgs. In the result of capitalisation the State would not invest additional financial resources in JSC Liep?jas Metalurgs, while the State would gain control and influence over it.

Such solidarity would provide a possibility to retain:

1)    and restart production at JSC Liepajas Metalurgs;

2)    a significant consumer of JSC Latvenergo (JSC Liepajas metalurgs consumer ~10% from the total electricity produced in Latvia), that would prevent increase of electricity costs and the obligatory purchase component to other consumers in the future;

3)    jobs and income to the employees in Liepaja;

4)    activities of the entrepreneurial companies related to JSC Liepajas Metalurgs.

Due to the aforementioned reasons the Council, the Board and the Trade Union of JSC Liepajas Metalurgs address an official request to the highest officials of Latvia, expressed in the letter dated 16^th October 2013 and directed to President of the Latvian Republic Mr. A.Berzins, Chairwoman of Saeima Mrs. S.Aboltina and Prime Minister Mr. V.Dombrovskis.

         L?ga Šenfelde          Assistant to the Chief Economist          63455926, shenfelde@metalurgs.lv